The ‘Casablanca Stock Exchange’ reached a transformative milestone this Tuesday with the launch of a futures market, a significant step in Morocco’s financial modernization journey. This new initiative, coupled with the establishment of a central counterparty clearing house (CCP), opens new horizons for businesses, banks, and institutional investors seeking enhanced liquidity and risk-hedging solutions.
This derivatives market aims to deepen market liquidity and broaden the financial instruments available in Morocco, especially in risk management. Moroccan Minister of Economy and Finance, Nadia Fettah, highlighted that this launch is part of a comprehensive reform strategy positioning the CSE as an integrated financial group. By consolidating the cash market, futures market, and CCP under one entity, and holding a significant stake in Maroclear (the central securities depository), the CSE is set to streamline the entire capital market value chain.
“This progress is built on key structural pillars,” Fettah stated, underscoring the significance of transforming the CSE into a holding structure to unite all facets of capital market activities. She emphasized that these reforms, particularly in derivatives, were initiated in response to the 2008 financial crisis and are designed to fortify market stability through stricter requirements on capital reserves, margins, and centralized clearing.
Nezha Hayat, president of the Moroccan Capital Market Authority (AMMC), noted that the futures market aligns with Morocco’s New Development Model (NDM). By expanding risk management options and setting new standards of transparency and security, this initiative aims to bolster investor confidence. “The first applications for broker and clearing member licenses are underway,” Hayat announced, emphasizing the novelty and importance of this infrastructure for Morocco’s market.
For Abderrahim Bouazza, General Director of Bank Al-Maghrib (BAM), the introduction of equity index futures is a pivotal step towards diversifying Morocco’s financial instruments, broadening market depth, and enhancing capital market competitiveness. BAM has also announced plans for a 2025 launch of an overnight interest rate swaps market and an interbank forex forward market, further enriching the risk management tools available to market participants.
Tarik Senhaji, CEO of the CSE, highlighted the strategic importance of this transformation as part of a broader ambition to align Morocco’s financial market infrastructure with the highest international standards. By establishing separate entities for the CCP and futures market, the CSE strengthens its role as a leading capital market player in Africa.
With this launch, Casablanca is staking its claim as an increasingly attractive investment hub, catering to the evolving demands of a rapidly transforming market. The futures market isn’t just a technical innovation—it’s a strategic tool propelling Morocco’s economic growth forward.
